Mike Hawes, SMMT Chief Executive, has commented on the appointment of Rishi Sunak as Leader of the Conservative Party and Prime Minister, saying he needs to give the automotive sector a “clear and compelling strategy for growth and stability”.
Mike Hawes said: “SMMT congratulates Rishi Sunak on becoming Leader of the Conservative Party and Prime Minister. What we now need is a clear and compelling strategy for growth and stability, one that reassures markets, shores up battered consumer confidence and ensures the UK is seen as investable.
“As a major investor and employer, the automotive industry can help drive an economic recovery but we sorely need a period of stability and a framework for competitiveness, one that delivers the conditions and regulatory certainty to attract investment, talent and innovation, and not least in the global race to net zero.”
The SMMT says that automotive-related manufacturing contributes £67 billion turnover and £14 billion value added to the UK economy, and typically invest around £3 billion each year in R&D. With more than 182,000 people employed in manufacturing and some 780,000 in total across the wider automotive industry, the sector accounts for 10% of total UK goods exports with more than 150 countries importing UK produced vehicles, generating £77 billion of trade.
Keyword: Clear automotive growth strategy needed from Rishi Sunak